Labs Feedback: Summary 📊

UK Making Monzo Monzo Labs
629

:bowing_man:

1 Like
630

Hi everyone!

As a student, I don’t have a regular salary. I have my student loan, and occasionally payments from part time jobs. It would be great to be able to set targets without having to select my last salary payment, or even to set weekly targets to be able to stay on track.

5 Likes
631

I don’t know whether it will be possible, but when you’re setting the payment date, it would be nice for a calendar to come up and then you are able to select the date that your salary comes in.

I get paid on 25th of the month, but if that is a weekend then it is the preceeding Friday. I could set up the payment dates for all future months now in one swoop as I know what date the salary will be paid.

2 Likes
632

That’s what we’re working on right now - I have a whiteboard session with the team in a few minutes to work on this exact problem. Thanks for sharing this idea :smiley:

3 Likes
633

You’re welcome. Keep up the great work!

634

Not sure if this has already been reported. I can’t figure out why April has been split into 2 buckets…
It’s been like that since I set the thing up.

IMG_1086

1 Like
635

Love the new feature, only issue is that you can’t then export your data to CSV which I do use every month

636

It looks like you started a custom month on April 10, which cut April so far into a shorter month (we don’t want to assume a payday of the 10th for all previous months). Does that make sense?

637

Yes that makes sense although i didnt know that was possible. How do I undo it?

638

@page

1 Like
639

Feel like the current wheel doesn’t really give a true reflection of what I will have left. I can see what the algorithm is trying to do, but it would only really work if I exclude loads of my transactions.

I also really dislike being told I will run out of money when I know I won’t lol.

I would personally like to have,

  • Starting balance
  • Remaining balance
  • Days till payday
  • Daily budget (Remaining balance divided by days till payday)

I have more ideas but I believe that would be a decent digestible amount of data which gives a true summary.

4 Likes
640

Although I have no objection to being told “it looks like you will run out of money” I agree that something that just shows:

  • Starting balance
  • Projected remaining balance
  • Days till payday
  • Daily budget

would be more transparent and easier to digest. The current wheel looks nice but I still dont really see how it is guesstimating how much money I will spend (comparing it to my own calculations it seems to be way off). If you can’t work out what it is doing it is difficult to trust it.

Having said the above - I definitely welcome the effort going into this and I hope you will arrive at something that works for most people. The idea of a bank actually trying to help you manage your finances is great.
UK banks are generally pretty passive whereas French banks are constantly trying to up-sell you on their services and thus are pretty intrusive. Neither (at least in my experience) seem to actively want to help you manage your finances.

And I also just wanted to add my thanks to @anon41842569 for all the time spent giving updates and responses. Very much appreciated!.

3 Likes
641

I seem to have broken Labs!

I enabled it when the release came out and then it dissapeared about two weeks ago. I can see it again now, but when I click on it I just get a never-ending loading screen!

642

Hey Wayne,

We’re investigating this bug now, but can’t reproduce it. Do you still see the transfer counting towards Starting Balance and Transfers here? Thanks! :bow:

643

I do. It’s not due to reset until the 27th.

644

Thanks for this, we were discussing similar ideas yesterday. It’s on our list to explore once some of the bigger bits in progress are sorted.

645

How do payments from friends and ‘transfers’ get seperated out?

I had a couple of payments from friends, then I categorised them correctly and they went away and were attributed to the correct categories which was much better, but I also have a couple of transfers from friends that I would like to do the same thing with, however they’re staying in transfers when categorised?

For example, I have a transfer from a friend he did that was paying for petrol money, I want to categorise this correctly so that it comes off my monthly spend for travel, but it doesn’t work!

Thanks

646

YES, agree! I have several transfers into my account per month that are currently showing up as income, which is just not the case. I should be able to credit that amount back into the category from which the initial expense came.

3 Likes
647

Another thing that doesn’t make sense to me is the “committed spending” section. The only things that show up in there are my standing orders, but many of my direct debits are also committed spending and are the same amount each month (council tax, energy bill, water bill, broadband, etc). Would really love a way to mark these as “committed” so that they show up in that category and are factored into the overall view of what must be spent versus what is optional.

648

Hey Jorge,

Are you still experiencing the issue where a transfer is counting under Transfers and Starting Balance? If so, can you DM me your Monzo email address please? Then we can investigate. Thanks!